Spread betting and CFD trading provider City Index deliver a daily market update. Today (12th April), they take a look at how subsiding oil prices have effected travel companies.
Greater London, England -- (SBWIRE) -- 04/21/2011 -- Travel companies trading on the FTSE 100 have responded positively to news that oil prices are subsiding.
A number of reports have linked falling oil prices to the rally of firms such as Carnival and the International Consolidated Airlines Group, which entered the FTSE 100's leader board in first and second place respectively as of 10:22 BST this morning (April 12th).
The airline organisation had increased its share prices by 2.51 per cent, while Carnival bolstered its standing by 2.62 per cent.
They were joined by TUI Travel, which came in third place with a 1.04 per cent boost.
It comes after a report by Bloomberg yesterday, which stated that oil had fallen from 30-month trading highs, with May delivery prices of the commodity falling by 2.5 per cent on the New York Mercantile Exchange to end on $109.92 (£67.2) a barrel.
Such a value shock followed the announcement by the International Monetary Fund that high crude oil prices could impact upon the economic recovery of countries.
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